It’s hard to imagine Saudi Arabia assuring Iran that its market share won’t suffer any consequences from its stated pledge to fill any supply gap left by a cut in Iranian exports resulting from the U.S. sanctions. It’s also hard to imagine Iran shrugging and letting this go. Could OPEC be on the way out? Maybe.

A healthy appetite for crude, combined with an unexpectedly high level of compliance has stabilized markets. The threat of higher oil prices culling demand is still very low but will be looming on the horizon.

At the time of the Shah, Iran and Pakistan enjoyed amicable relations, with cooperation across multiple issues. With so many points of contention emerging in recent years, it is a markedly more tense relationship today.